Transparent Pricing Initiative in Ghana
Thank you for your participation in this global movement to practice transparent pricing in microfinance.
Congratulations to Innovative Finance Limited & APED on being the first 2 MFIs in Ghana to submit data to the Transparent Pricing Initiative in Ghana!
MFTransparency recognizes Innovative Finance Limited as a leader in the Ghanaian microfinance industry.
Data submissions completed:
- Innovative Finance Limited
- APED
- CASUD
- ELDA
- ID-Ghana
- Opportunity International, Ghana
- Sekam Trust International
- Grameen Ghana
- CashPhase Ghana
- ASPI
- EMPRETEC
- ASA Initiative
- CEDEF
- Kraban Support Foundation
- African Gate Financial Support
- ProCredit Ghana
- BestFUND
- Microfin Plus Ghana
- Kumanwuman Rural Bank
- Nwabiagya Rural Bank
- CRAN
- Tamale Community Credit Union
- Baobab Financial Services
- Maata-N-Tudu
- Ahantaman Rural Bank
- ASA-Ghana
- Atwima Kwanwoman Rural Bank
- Simlipong
- Rich Step Investment
- Mail Finance
- Daasgift Quality Foundation
- East Mamprusi Comuunity Bank
- The Bridge Financial Services
- Markaz Al Bishara
- Markaz Community Credit Union
- Cedi Finance Foundation
- Lower Pra Rural Bank
- Sinapi Aba Trust
- Union Rural Bank
- Bonzali Rural Bank
Data submissions underway:
- CLIP
- GDCA
- Tuma Kavi
- CARD
- Bongo Rural Bank
- Lawra Rural Bank
- Bessfa Rural Bank
- Asokore Rural Bank
- Atwima Mponua Rural Bank
- Toende Rural Bank
- Kakum Rural Bank
- Western Rural Bank
- Akim Bosome Rural Bank
- SIRDA
MicroFinance Transparency works with MFIs, Central Banks, and investors to bring about pricing transparency in the microfinance industry. MicroFinance Transparency will enable transparent communication between suppliers and consumers of microcredit products. We are the venue for the microfinance industry to publicly demonstrate its commitment to pricing transparency, integrity and poverty alleviation. Our vision is a microfinance industry operating with healthy free market conditions where consumers and other stakeholders can make informed decisions.
African Microfinance Transparency (AMT) calls for members to participate in the Transparent Pricing Initiative. In the 2010 AMT year-end summary, “all AMT members are actively encouraged to report their data on product pricing to MFTransparency“.
Ghana is the fifth country in the enabling APR & EIR Program to be selected for MicroFinance Transparency’s Transparent Pricing Initiative. Alexandra Fiorillo, Vice President of MFTransparency, will conduct a workshop in Accra on February 25, 2011 where she will share the new industry standard for calculating interest rates for microcredit products with the leading microfinance institutions and banks in Ghana. An additional workshops will be held in Tamale on February 28, 2011.
The enabling APR & EIR Program is short for enabling Africa to Price Responsibly & Educate on Interest Rates. A client protection effort of unprecedented scale in Africa, the project will raise awareness of transparent pricing issues in Malawi, Uganda, Rwanda, Ghana, Tanzania, Zambia, South Africa and Mozambique. The main objective of the enabling APR & EIR Program is to promote improved consumer protection principles through microfinance product pricing transparency. It will include three major components: the collection and publication of pricing data, training on pricing transparency, and the development and dissemination of educational materials. For more information about the enabling APR & EIR Program please click here.
MFTransparency would like to thank the Ghana MicroFinance Institutions Network (GHAMFIN) for their contribution to the launch workshop and their ongoing support in this Initiative.
Now is your opportunity to actively participate in the Transparent Pricing Initiative in Ghana. During the Ghana project, MFTransparency will be collecting information on all micro loan products offered by MFIs and banks. If your financial institution offers micro loan products, you can participate by submitting specific information on those products. Please follow the instructions below to complete the process.
To submit your loan product data to MicroFinance Transparency, please download and complete the following excel workbook:
Deadline to submit data: Friday 29th April, 2011
When you have completed the Data Collection Tool, please email it to: data@mftransparency.org Should you have any questions about MFTransparency, the data submission process, or anything else, please email data@mftransparency.org and our team will get back to you within 48 hours to answer your inquiries.
Materials to Download
- Calculating Transparent Prices Tool
- Ghana Launch Workshop Presentation
- Why We Need Transparent Pricing in Microfinance
- Article: The Need for Transparent Pricing
- Two-Page Overview of MFTransparency
- enabling APR & EIR Program
- The Global Transparent Pricing Initiative - How MFIs Can Benefit from Participation
To submit your loan product data to MicroFinance Transparency, please download and complete the following excel workbook:
Deadline to submit data: TBD
When you have completed the Data Collection Tool, please email it to: data@mftransparency.org
Should you have any questions about MFTransparency, the data submission process, or anything else, please email data@mftransparency.org and our team will get back to you within 48 hours to answer your inquiries.
News & Updates
August 18, 2011
ips.org: Guidelines for Unregulated Microfinance Sector
August 10, 2011
ghanabusinessnews.com: Banks in Ghana, others in Africa to up financial assets to $1.3 trillion by 2020 – EIU
August 4, 2011
myjoyonline.com: BoG hopeful new guidelines will santisize Microfinance Institutions
August 2, 2011
ghanaian-chronicle.com: Microofinance Capacity building fund for Ghana, others
August 2, 2011
myjoyonline.com: Microofinance Companies build capacity for new regulated regime
July 26, 2011
ghanaweb.com: Money lenders approve new operating regulations
July 22, 201
ghanabusinessnews.com: Rural Banking and Agriculture financing in Ghana – FAGRO
July 20, 2011
ghana-microfinance.com: Ghana looks to Restool iIts Economy as it Reaches Middle-Income Status
July 20, 2011
Graphic.com: Gaps in BoG Operations – but Government downplays their effects
June 28, 2011
Graphic.com: High Interest Rates Dampen Investment
July 20, 2011
myjoyonline.com: Banks, financial institutions to charge VAT for advisory services
July 20, 2011
myjoyonline.com: Bank of Ghana out with new lincensing egime to regulate microfinance industry
July 6, 2011
iewy.com: Luxenboug: Targeted, effected cooperation between the EIB and the Finance Ministry in the fight against poverty in the ACP countries
July 5, 2011
Ghana Microfinance: MTN to support SMEs in Ghana
June 29, 2011
Microfinancefocus.com: Microfinance sector faces crisis situation in Ghana
June 28, 2011
Modernghana.com: Microfinance and the achievement of the MDGs
June 24, 2011
Business Standard: ‘Financial inclusion is more than access to microfinance’
June 16, 2011
Claudia McKay, CGAP: Ghana: Aiming for Interoperability in branchless banking
June 15, 2011
MFTransparency: First Ten Microfinance Institutions in Ghana Submit Pricing Data to MFTransparency
June 10, 2011
Myjoyonline.com: New Institutional Framework to regulate Susu Collection
May 3, 2011
Ghana Microfinance: GIPC Reviews Investment Laws
April 14, 2011
MicroCapital: Credit Reference Bureau XDS Data of Ghana Reaches Out to Microfinance Institutions(MFIs), Rural Banks for Customer Credit Information
April 5, 2011
Modernghana.com: Who Controls Money Lenders?
March 31, 2011
Joy Online: UT Bank Positioned to Meet Capital Requirement by 2012
March 29, 2011
Graphic.com: CID, BoG in A ‘Tango’- Over Lincensing of Money Lenders
March, 2011
TUFTS University: TUFTS Researchers Studying Microfinance in Ghana
March, 2011
ICT4D Magazine: Microfinance Sector in Ghana: Microfinancing Ghana
March 22, 2011
Peace FM Online: The Microfinance Interest Rate Debate – Which Way To Go?
March, 2011
GhanaZone.com: EcoBank and ACCION launch Microfinance Operations in Ghana
March, 2011
Center for Financial Inclusion, Accion: Summary of Client Protection in Ghana
February 28, 2011
Today the Transparent Pricing Initiative in Ghana expanded to the Northern region with a workshop in Tamale. Participants were actively engaged in the training sessions and eager to begin participation in the Initiative.
February 25, 2011
The Transparent Pricing Initiative in Ghana launched today in a workshop in Tamale attended by more than 100 participants. Attendees represented a range of organizations in the Ghanaian microfinance industry. This was a strong start to this important Initiative.
February 24, 2011
MFTransparency: MFTransparency and the Ghana MicroFinance Institutions Network to Launch the Transparent Pricing Initiative in Ghana
June 7, 2010
MFTransparency: MFTransparency Partners with The MasterCard Foundation to Promote a Fair and Transparent Microfinance Industry in Eight African Countries
March 20, 2010
GhanaWeb: MASLOC to create opportunities to link producers with buyers
March 17, 2009
Ghana Business News: What Commercial Banks Entering the Microfinance Market must Consider
July 15, 2008
The Microfinance Insider: Bank of Ghana to Regulate Susu Collection Agencies
Instructions for Data Collection Process
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Instructions
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Notes
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Step 1
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Fill out the basic information on the “MFI INFO” sheet
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Please note the “Number of Incomplete Data Points” counter as you fill in information. |
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Step 2
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Fill out a “LOAN PRODUCT” worksheet for every loan product you have, following instructions on the sheet carefully. | If you have questions after reading the instructions, feel free to e-mail us for clarification. The data tool has capacity for up to 10 loan products. If you have more, simply use multiple copies of the data collection tool. |
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Step 3
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Collect sample repayment schedules for EACH product using the guidance contained in the tool. | Please note: The data tool indicates how many samples are needed, and what loan amounts they should be for. They should be loans that were disbursed within the past two months. |
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Step 4
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Double check your work, perhaps with a colleague, to ensure accuracy of the data. | Verify that there are no incomplete cell errors or the data approval process will fail. You will be able to save the incomplete file, however. |
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Step 5
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Email data@mftransparency.org to request a confidential authorization code. This code is needed to insure that the data is being submitted by an authorized representative of the organization. Please include the name and email address of your Executive Director (or equivalent) in this request. | The confidential code will only be sent via email to the Executive Director / General Manager (or equivalent) of your institution. |
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Step 6
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MFTransparency will email the Executive Director (or equivalent) the confidential authorization code. |
We strive to return this code within 24 hours.
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Step 7
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Have the Executive Director (or equivalent) of your institution do a final review of the data and APPROVE its submission on the “Approval Sheet”, with the confidential authorization code. | Once approved, all data in the tool will be LOCKED and nobody can make any changes. If you notice changes that need to be made after you lock the worksheet, please contact us. |
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Step 8
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Email this workbook and the repayment schedules to data@mftransparency.org. If you cannot email the repayment schedules, please contact data@mftransparency.org to obtain a fax number you can use. | |
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Step 9
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MFTransparency will contact you and your Executive Director (or equivalent) if we have any questions regarding the data. Please contact data@mftransparency.org with any questions or concerns you may have throughout the process. |